OFX vs. TransferWise

Get your cash where it needs to go in one to two days with no fees.

Last updated:

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

OFX has been in the money transfer business for 17 years. It serves a diverse range of needs for people and businesses managing payments abroad, offering strong exchange rates and charging no transfer fees for transfers of $1,000 per year or more.

Established in 2011, TransferWise uses the mid-market rate to send transfers of up to $199,999.

Compare OFX to TransferWise

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1,000 1 day USD 0.00 0.891 EUR 4,454 No-maximum limit transfers with competitive exchange rates for 100+ currencies. Go to site Show details
USD 1 1 - 2 days USD 40.00 0.9 EUR
4,463
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details

Compare up to 4 providers



How they work?

To use either OFX or TransferWise, you’ll need to create a free account, but it’s easy to set one up as part of your transfer. With TransferWise, you can also sign in with an existing Google+, Facebook or PayPal account.

With OFX, you go to its site, enter how much money you’re transferring and either send your funds to an OFX account or link your bank account so OFX can pull funds directly. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.

For TransferWise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, money is pulled from your bank account and matched to a sender.

Back to top

Who offers lower fees?

OFX

OFX charges no transfer fees when sending $1,000 or more around the world.

TransferWise

With TransferWise, fees depend on where and how you’re sending money. They range from 0.55% to 2.35% of your transaction — and sometimes a bit higher, plus a fixed fee depending on the currency you’re transferring to. To send $1,000 to China, you’ll pay 1.1% of your transaction (or $12) plus a fixed fee of $8; to the Philippines, the fee drops to 0.75% ($7.50) plus a fixed fee of $3.50. You can easily find out what you’ll pay by visiting its “How much does TransferWise cost?” page.

Trophy icon
Winner: OFX

TransferWise’s fees are among the lowest in the industry. But OFX’s transparency and $0 fees for all transfers make it the clear winner.

Back to top

Who offers better exchange rates?

To understand who offers better exchange rates, you need to first look at the mid-market rate. The mid-market rate is the average of the buying and selling rate of a global currency — and the rate banks and transfer services use when they trade among themselves.

We’ll look at the rates OFX and TransferWise offer compared to the mid-market rate.

OFX

A typical exchange rate at OFX is about 0.4% above the mid-market rate — a competitive rate any way you look at it.

So if you need to send $1,000 to the Philippines:

  • If the mid-market rate is 1 USD = 49.74 PHP
  • OFX’s exchange rate could be 1 USD = 48.88 PHP

TransferWise

Exchange rates is where TransferWise shines. It’s one of the only money transfer services that offers you the mid-market rate. So if you’re sending $1,000 to the Philippines and the mid-market rate is 1 USD = 0.82 EUR, that’s the rate you’re going to get.

Trophy icon
Winner: TransferWise

Though OFX and TransferWise offer similar competitive rates, there’s no denying the power of paying the mid-market rate.

Back to top

Case Study: Sending $1,000 to Mexico

Say you want to send $1,000 to buy office equipment for a business expansion in Mexico City. Here’s what an online bank-to-bank transfer would look like with OFX and TransferWise.

OFX TransferWise
Transfer fee $0 $8.19
Exchange rate 1 USD = 21.525 MXN 1 USD = 21.529 MXN
Transfer speed Up to 4 business days (1–2 to OFX, 1–2 to recipient) 1–4 days
Total received 21,525 MXN 21,352 MXN
    

This one is a close call. While you could shave some time off the transfer speed with TransferWise, you save nearly $10 on the transfer fee alone by going with OFX. The difference between exchange rates, however, is too minimal to weigh.

TransferWise

Our pick: TransferWise

When you need to send money, benefit from competitive mid-market exchange rates and straightforward fees with TransferWise.

  • Fair service fees and mid-market rates — a major market differentiator.
  • Next-day delivery to your loved ones and businesses.
  • Trusted the world over, with five-star ratings on Trustpilot.

    Who’s faster?

    OFX

    To transfer your money to OFX, it takes one to two business days. It takes another one to two days to send that money from OFX to your recipient. You’re looking at least two business days to complete a transaction from send to receipt.

    TransferWise

    Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash.

    Trophy icon
    Winner: Tie

    Your average transfer may take about the same time with both services.

    Back to top

    Who offers more options?

    Payment Methods Minimum and maximum transfers Delivery methods Transfer speeds Countries and currencies
    OFX Electronic funds transfer (EFT) $1,000 minimum per year; no maximum Bank transfer 1–2 business days to transfer to OFX; 1–2 business days to transfer to recipient 195 countries and 55 currencies (exclusions include Afghanistan, Cuba, Iran, Iraq, North Korea, Libya and Syria)
    TransferWise Bank account $1 minimum; $36,000 maximum Bank account 1–4 days Nearly 40 currencies
    Back to top

    Bottom line

    When it comes to international money transfers, both OFX and TransferWise are forces to be reckoned with. It’s too close to call which is better for your situation. Ultimately, you’ll need to weigh your specific details or compare further options to find the service that’s right for you.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site